Annual Report for Gram Commercial A/S

Transcription

1 Annual Report for Gram Commercial A/S

2 Contents Guide for use of control report Digital financial statements in pdf and XBRL format The annual report must be filed with the Danish Business Authority in two versions: a readable pdf version (may be a system generated pdf file or a scanned version of the signed annual report) and an XBRL file containing raw data in XBRL format. It requires a special program to be able to present data in the XBRL file. The financial statements in the pdf file must reflect the true and fair view. In the nature of the case, the XBRL file has no visual appearance, but the raw data must correspond to the figures and the text from the annual report. The purpose of the control report The control report is used solely to verify the information in the XBRL file and is one way of presenting the annual report. Thus, the control report is a reproduction of the XBRL file in a readable format. The purpose of the control report is solely to form a basis for control of the marking off of data, and therefore the visual expression of the control report is not important. In the control report, you must decide: 1. Whether figures and text in grey areas are identical with the signed annual report. 2. Whether figures and text have been marked off to specific fields in the taxonomy. In the control report, the headings over the grey areas refer to the field in the taxonomy to which the grey text is marked off. If there is also a heading inside grey area, this is just a repetition from the actual annual report and is not a double heading. the In the income statement, balance sheet and cash flow statement, the top line states the field in the taxonomy to which the figures are marked off, whereas the line in italics immediately below states the name of the line in the annual report. At accounting line level, it is important to check that the field in the taxonomy to which an accounting line is marked off corresponds to the accounting line in the signed annual report. The text may differ, but the meaning must be the same. Thus, it is permitted to mark off rental income to revenue as the taxonomy does not include the field rental income. The accounting lines may also be reported at a higher level in the taxonomy if no appropriate line is available. In the control report, you should not decide on: Note numbers and references as well as the order Layout and formatting The order of the part elements of the annual report Line breaks Appearance of notes and texts Submission information Side 2 af 17

3 Submission information Report Information on type of submitted report Årsrapport Entity Identification number [CVR] Name Gram Commercial A/S Registered office Vojens, Denmark Telephone number Fax number Homepage Address, street name Aage Gramsvej Address, street building identifier 1 Address, post code identifier 6500 Address, district name Vojens Auditor Name and surname Suzette Nielsen Identification number [CVR] of audit firm Name of audit firm Deloitte Statsautoriseret Revisionspartnerselskab Description State Authorised Public Accountant Executive board Name and surname of member (1) Title of member (1) Name and surname of member (2) Supervisory board Name and surname of member (1) Title of member (1) Name and surname of member (2) Name and surname of member (3) Name and surname of member (4) Name and surname of member (5) Ole Brandorff-Lund Chief Executive Officer Anders Sjøgaard Koichi Tsunematsu chairman Ole Brandorff-Lund Anders Sjøgaard Allan Kremmling Thomas Kruse Information on enterprise submitting report Identification number [CVR] of submitting enterprise Name of submitting enterprise Gram Commercial A/S Address of submitting enterprise, street and Aage Gramsvej 1 number Address of submitting enterprise, postcode 6500 Vojens and town Other informations Submission information Side 3 af 17

4 Reporting period start date Reporting period end date Date of general meeting Name and surname of chairman of general Ole Brandorff-Lund meeting Type of auditor assistance Revisionspåtegning Reporting period start date last year Reporting period end date last year Currency: DKK Submission information Side 4 af 17

5 Statement by Management on the annual report Statement by executive and supervisory boards Statement by Management on the annual report Identification of approved annual report The Board of Directors and the Executive Board have today considered and approved the annual report of Gram Commercial A/S for the financial year 1 January to 31 December Confirmation that annual report is presented in accordance with requirements provided for by legislation, any standards and requirements provided by articles of association or by agreement The annual report was prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional Danish disclosure requirements. Confirmation that financial statement gives true and fair view of assets, liabilities, equity, financial position and results In our opinion, the Consolidated Financial Statements and the Financial Statements give a true and fair view of the s and the s financial position at 31 December 2015 and of their financial performance as well as the consolidated cash flow for the financial year 1 January to 31 December Recommendation for approval of annual report by general meeting We recommend the annual report for adoption at the Annual General Meeting. Management's statement about management's review We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. Date of approval of annual report Vojens, 27. May 2016 Statement by Management on the annual reportside 5 af 17

6 Executive board Ole Brandorff-Lund Chief Executive Officer Anders Sjøgaard Supervisory board Koichi Tsunematsu Ole Brandorff-Lund Anders Sjøgaard chairman Allan Kremmling Thomas Kruse Statement by Management on the annual reportside 6 af 17

7 Auditor's reports The independent auditor's reports (Audit) Independent auditor's reports Independent auditor's reports On this basis, it is our opinion that the information provided in the management commentary is consistent with the consolidated financial statements and parent financial statements. Addressee of auditor's report on audited financial statements To the shareholders of Gram Commercial A/S Auditor's report on financial statements Report on the consolidated financial statements and parent financial statements We have audited the consolidated financial statements and parent financial statements of Gram Commercial A/S for the financial year , which comprise the income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including the accounting policies, for the as well as for the. The consolidated financial statements and parent financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies. Statement of executive and supervisory boards responsibility for financial statements Management's responsibility for the consolidated financial statements and parent financial statements Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies and for such internal control as Management determines is necessary to enable the preparation and fair presentation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error. Statement of auditor's responsibility for audit and audit performed Auditor's responsibility Our responsibility is to express an opinion on the consolidated financial statements and parent financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and parent financial statements are free from material misstatement. Auditor's reports Side 7 af 17

8 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements and parent financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatements of the consolidated financial statements and parent financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of consolidated financial statements and parent financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as the overall presentation of the consolidated financial statements and parent financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Our audit has not resulted in any qualification. Opinion on audited financial statements Opinion In our opinion, the consolidated financial statements and parent financial statements give a true and fair view of the s and the s financial position at , and of the results of their operations and cash flows for the financial year in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies. Statement on management's review [Auditor's report on audited financial statements] Statement on the management commentary Pursuant to the Danish Financial Statements Act, we have read the management commentary. We have not performed any further procedures in addition to the audit of the consolidated financial statements and parent financial statements. Kolding 27. May 2016 Suzette Nielsen State Authorised Public Accountant Deloitte Statsautoriseret Revisionspartnerselskab Auditor's reports Side 8 af 17

9 Income Statement 1. January December Profit or loss [abstract] Profit (loss) [abstract] Revenue Revenue Cost of sales Cost of sales Gross profit Gross profit/loss Sales cost and distribution costs [abstract] Sales cost and distribution costs Sales and distribution expenses Administrative expenses Administrative expenses Profit (loss) from operating activities Operating profit/loss (EBIT) Finance income Financial income Finance costs Financial expenses Profit (loss) in subsidiaries, joint ventures and associates [abstract] Profit (loss) in subsidiaries Dividends from investments in subsidiaries Impairment of investments in subsidiaries Impairment of investments in subsidiaries Profit (loss) before tax Profit before tax Income Statement Side 9 af 17

10 Tax expense (income), continuing operations Tax on profit/loss for the year Profit (loss) Profit/loss for the year Net profit/loss for the year Statement of comprehensive income [abstract] Components of other comprehensive income, before tax [abstract] Exchange differences on translation [abstract] Other comprehensive income, before tax, exchange differences on translation Exchange difference on translating foreign operations Other comprehensive income Other total comprehensive income Comprehensive income Total comprehensive income for the year Income Statement Side 10 af 17

11 Balance Assets Balance Side 11 af 17 Assets [abstract] Non-current assets [abstract] Property, plant and equipment [abstract] Land and buildings [abstract] Land and buildings Land and buildings Plant and machinery Plant and machinery Other plant, fixtures and fittings, tools and equipment Other fixtures, fittings, tools and equipment Fixtures and fittings [abstract] Leasehold improvements Leasehold improvements ongoing investments Ongoing investments Property, plant and equipment Property, plant and equipment Intangible assets and goodwill [abstract] Intangible assets other than goodwill [abstract] Patents, licenses and software Licences and software Goodwill

12 Goodwill Intangible assets and goodwill Intangible assets Investments in subsidiaries, joint ventures and associates [abstract] Investments in subsidiaries Investments in group companies Investments in subsidiaries, joint ventures and associates Financial assets Trade and other non-current receivables [abstract] Non-current prepayments [abstract] Non-current prepayments deposits Deposits Trade and other non-current receivables Other non-current assets Non-current assets Non-current assets Current assets [abstract] Classes of current inventories [abstract] Current inventories Inventories Trade and other current receivables [abstract] Current prepayments Prepayments Receivables from sales and services Receivables from sales and services Trade receivables Current receivables due from related Balance Side 12 af 17

13 parties [abstract] Current receivables due from related parties Receivables from group companies Other current receivables [abstract] Other current receivables Other receivables Trade and other current receivables Total receivables Current tax assets, current Corporation tax Cash and cash equivalents [abstract] Cash [abstract] Cash Cash at bank and in hand Current assets Current assets Assets Total assets Balance Side 13 af 17

14 Liabilities Equity and liabilities [abstract] Equity [abstract] Issued capital Share capital Retained earnings [abstract] Retained earnings Retained earnings Other reserves [abstract] Reserve for exchange adjustment Reserve for exchange adjustment Equity attributable to owners of parent Equity of shareholders Non-controlling interests Equity minority interests Equity Equity Liabilities [abstract] Non-current liabilities [abstract] Non-current provisions [abstract] Classes of other provisions [abstract] Warranty provision [abstract] Warranty provision Warranty obligations Current tax liabilities, non-current [abstract] Balance Side 14 af 17

15 Deferred tax liabilities Deferred tax liabilities Non-current liabilities Non-current liabilities Current liabilities [abstract] Current provisions [abstract] Current warranty provision Warranty obligations Trade and other current payables [abstract] Current trade payables Trade payables Current payables to related parties [abstract] Current payables to related parties Payables to group companies Other current payables Other payables Current tax liabilities, current Corporation tax Current liabilities Current liabilities Liabilities Total liabilities Equity and liabilities Equity and liabilities Balance Side 15 af 17

16 Cashflow Cash flows from (used in) operating activities Profit (loss) (kredit) Profit/loss for the year Net profit/loss for the year Adjustments to reconcile profit (loss) Total adjustments to reconcile profit (loss) (debet) Adjustments Adjustments for decrease (increase) in working capital Total adjustments for decrease (increase) in working capital (debet) Working capital changes Income taxes refund (paid) (kredit) Corporation tax paid Details on other components of cash flows from (used in) operating activities Cash flows from operating activities before financial income and expenses Financial income received Cashflow Side 16 af 17

17 Financial expenses paid Cash flows from ordinary activities Net cash flows from (used in) operating activities (debet) Cash flows from operating activities Cash flows from (used in) investing activities Proceeds from sales of property, plant and equipment (debet) Sale of property, plant and equipment Purchase of property, plant and equipment (kredit) and intangible assets Details on other components of cash flows from (used in) investing activities Other non-current asssets Net cash flows from (used in) investing activities (debet) Cash flows from investing activities Net increase (decrease) in cash and cash equivalents (debet) cash equivalents Cash and cash equivalents at beginning of period (debet) Cash and cash equivalents, beginning of year Cash and cash equivalents at end of period (debet) at 31 December Cashflow Side 17 af 17